tim is a former economic advisor to president bill clinton, former advisor to the senate finance committee and a partner with monument policy group. gentlemen, good to see you. jonathan, let me start with you. is it really unrealistic to think that a far reaching fiscal grand bargain can actually be hammered out during this brief lame duck session with all the holidays, or is it more likely that an interim deal which postpones all elements of the fiscal cliff will be signed? >> i think it's possible because i think a lot of conversations have been happening over the last several months. one thing that has to be very, very clear for republicans is whenever they're talking about raising taxes, they're getting into some potentially very, very dangerous territory. the reason for that is simple, because whenever these budget deals happen, the tax increases always take place immediately, but the spending cuts are enacted over two years o'clock five years, ten years. five years from now, we'll have a different congress, different members of congress, they're not going to feel bound to whatever de